x |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| Delaware |
76-0451843 | |
| (State or Other Jurisdiction of |
(I.R.S. Employer | |
| Incorporation or Organization) |
Identification No.) |
| 1333 West Loop South, Suite 1700, Houston, Texas |
77027 | |
| (Address of Principal Executive Offices) |
(Zip Code) |
| Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
| 2002 |
2001 |
2002 |
2001 |
|||||||||||||
| (unaudited) |
(unaudited) |
|||||||||||||||
| REVENUES |
$ |
402.6 |
|
$ |
404.6 |
|
$ |
769.5 |
|
$ |
739.5 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| COST AND EXPENSES |
||||||||||||||||
| Cost of sales (exclusive of depreciation and amortization) |
|
286.7 |
|
|
284.2 |
|
|
546.6 |
|
|
515.2 |
| ||||
| Depreciation and amortization |
|
19.9 |
|
|
19.2 |
|
|
38.2 |
|
|
37.6 |
| ||||
| Selling and administrative expenses |
|
63.9 |
|
|
57.4 |
|
|
124.8 |
|
|
110.9 |
| ||||
| Interest, net |
|
0.2 |
|
|
2.1 |
|
|
0.5 |
|
|
6.2 |
| ||||
| Nonrecurring/unusual charges |
|
|
|
|
13.0 |
|
|
|
|
|
20.2 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Total costs and expenses |
|
370.7 |
|
|
375.9 |
|
|
710.1 |
|
|
690.1 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Income before income taxes |
|
31.9 |
|
|
28.7 |
|
|
59.4 |
|
|
49.4 |
| ||||
| Income tax provision |
|
(9.2 |
) |
|
(8.9 |
) |
|
(17.2 |
) |
|
(15.3 |
) | ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Net income |
$ |
22.7 |
|
$ |
19.8 |
|
$ |
42.2 |
|
$ |
34.1 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Earnings per share: |
||||||||||||||||
| Basic |
$ |
0.42 |
|
$ |
0.36 |
|
$ |
0.78 |
|
$ |
0.63 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Diluted |
$ |
0.40 |
|
$ |
0.35 |
|
$ |
0.75 |
|
$ |
0.61 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Shares used in computing earnings per common share: |
||||||||||||||||
| Basic |
|
54.2 |
|
|
54.3 |
|
|
54.1 |
|
|
54.2 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| Diluted |
|
60.0 |
|
|
58.0 |
|
|
59.8 |
|
|
56.8 |
| ||||
| |
|
|
|
|
|
|
|
|
|
|
| |||||
| June 30, 2002 |
December 31, 2001 |
|||||||
| (unaudited) |
||||||||
| ASSETS |
||||||||
| Cash and cash equivalents |
$ |
224.6 |
|
$ |
111.6 |
| ||
| Short-term investments |
|
50.2 |
|
|
102.1 |
| ||
| Receivables, net |
|
293.0 |
|
|
306.2 |
| ||
| Inventories, net |
|
403.5 |
|
|
423.8 |
| ||
| Other |
|
20.1 |
|
|
21.3 |
| ||
| |
|
|
|
|
| |||
| Total current assets |
|
991.4 |
|
|
965.0 |
| ||
| Plant and equipment, net |
|
454.7 |
|
|
460.1 |
| ||
| Goodwill, net |
|
269.2 |
|
|
259.8 |
| ||
| Other assets |
|
210.1 |
|
|
190.2 |
| ||
| |
|
|
|
|
| |||
| TOTAL ASSETS |
$ |
1,925.4 |
|
$ |
1,875.1 |
| ||
| |
|
|
|
|
| |||
| LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
| Short-term debt |
$ |
7.3 |
|
$ |
10.5 |
| ||
| Accounts payable and accrued liabilities |
|
328.2 |
|
|
349.2 |
| ||
| Accrued income taxes |
|
18.9 |
|
|
18.1 |
| ||
| |
|
|
|
|
| |||
| Total current liabilities |
|
354.4 |
|
|
377.8 |
| ||
| Long-term debt |
|
460.1 |
|
|
459.1 |
| ||
| Postretirement benefits other than pensions |
|
46.5 |
|
|
47.8 |
| ||
| Deferred income taxes |
|
42.2 |
|
|
41.7 |
| ||
| Other long-term liabilities |
|
25.7 |
|
|
25.4 |
| ||
| |
|
|
|
|
| |||
| Total liabilities |
|
928.9 |
|
|
951.8 |
| ||
| |
|
|
|
|
| |||
| Stockholders Equity: |
||||||||
| Common stock, par value $.01 per share, 150,000,000 shares authorized, 54,566,054 shares issued at June 30, 2002 and
December 31, 2001 |
|
0.5 |
|
|
0.5 |
| ||
| Capital in excess of par value |
|
950.2 |
|
|
951.4 |
| ||
| Retained earnings |
|
89.9 |
|
|
47.7 |
| ||
| Accumulated other elements of comprehensive income |
|
(29.6 |
) |
|
(53.0 |
) | ||
| Less: Treasury stock at cost, 369,668 shares at June 30, 2002 (571,320 shares at December 31, 2001) |
|
(14.5 |
) |
|
(23.3 |
) | ||
| |
|
|
|
|
| |||
| Total stockholders equity |
|
996.5 |
|
|
923.3 |
| ||
| |
|
|
|
|
| |||
| TOTAL LIABILITIES AND STOCKHOLDERS EQUITY |
$ |
1,925.4 |
|
$ |
1,875.1 |
| ||
| |
|
|
|
|
| |||
| Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||
| 2002 |
2001 |
2002 |
2001 |
|||||||||
| (unaudited) |
(Unaudited) |
|||||||||||
| Cash flows from operating activities: |
||||||||||||
| Net income |
$22.7 |
|
$19.8 |
|
$42.2 |
|
$34.1 |
| ||||
| Adjustments to reconcile net income to net cash provided by (used for) operating activities: |
||||||||||||
| Depreciation |
17.4 |
|
14.8 |
|
33.4 |
|
29.1 |
| ||||
| Amortization |
2.5 |
|
4.4 |
|
4.8 |
|
8.5 |
| ||||
| Deferred income taxes and other |
0.2 |
|
4.8 |
|
2.0 |
|
8.3 |
| ||||
| Changes in assets and liabilities, net of translation, acquisitions and non-cash items: |
||||||||||||
| Receivables |
18.2 |
|
(56.4 |
) |
17.8 |
|
(55.2 |
) | ||||
| Inventories |
28.2 |
|
(2.8 |
) |
28.0 |
|
(52.3 |
) | ||||
| Accounts payable and accrued liabilities |
(6.0 |
) |
13.6 |
|
(27.8 |
) |
12.2 |
| ||||
| Other assets and liabilities, net |
(5.9 |
) |
(6.6 |
) |
(7.4 |
) |
(22.3 |
) | ||||
| |
|
|
|
|
|
|
| |||||
| Net cash provided by (used for) operating activities |
77.3 |
|
(8.4 |
) |
93.0 |
|
(37.6 |
) | ||||
| |
|
|
|
|
|
|
| |||||
| Cash flows from investing activities: |
||||||||||||
| Capital expenditures |
(21.9 |
) |
(20.9 |
) |
(40.7 |
) |
(35.5 |
) | ||||
| Acquisitions |
|
|
(25.5 |
) |
(5.5 |
) |
(30.1 |
) | ||||
| Sales of short-term investments, net |
69.2 |
|
|
|
55.6 |
|
1.2 |
| ||||
| Other |
1.9 |
|
0.4 |
|
3.4 |
|
2.1 |
| ||||
| |
|
|
|
|
|
|
| |||||
| Net cash provided by (used for) investing activities |
49.2 |
|
(46.0 |
) |
12.8 |
|
(62.3 |
) | ||||
| |
|
|
|
|
|
|
| |||||
| Cash flows from financing activities: |
||||||||||||
| Loan borrowings (repayments), net |
0.1 |
|
(220.2 |
) |
(4.8 |
) |
(178.7 |
) | ||||
| Issuance of debentures |
|
|
450.0 |
|
|
|
450.0 |
| ||||
| Debenture issuance costs |
|
|
(7.9 |
) |
|
|
(7.9 |
) | ||||
| Activity under stock option plans and other |
2.6 | |||||||||||